Month: August 2014

A now-closed self-storage facility is coming down to make way for a Whole Foods-anchored development in Washington, DC. According to the Washington Business Journal, Insight Property Group now has permits in hand to tear down the shuttered H Street Self Storage along with Murry’s grocery store and Good Danny’s Carry-Out to allow construction of a…

SurePoint Self Storage, a regional self-storage operator based in San Antonio, is under contract to buy nearly 3.3 acres in the Houston area for a self-storage facility. The company expects to start building the three-story, 110,000-square-foot facility in late 2014. The site is on Spring Cypress Road in Cypress, TX, a suburb of Houston. SurePoint…

The theory that a rising tide lifts all boats is certainly at play in the self-storage market. The hot investment market for Class A and Class B properties is trickling down to the Class C sector. Class C facilities can be a tough sell. These properties usually carry a C rating for good reason. They’re…

Back in the 1960s, the Midland-Odessa area of West Texas was grappling with a slump in its oil-dependent economy. For more than a dozen years, locals had lived lavishly thanks to the region’s gushing oil wells. During this lull in the oil action, local oilman Russ Williams and his stepson, Bob Munn, built what would…

U-Haul is putting a stake in the ground in one of the fastest-growing places in the country. A division of AMERCO, U-Haul’s parent company, recently bought property in the oil boomtown of Williston, ND, for a self-storage facility and a hub for its U-Box portable storage units. A 5,000-square-foot building sits on the 3-acre property….

Orlando, FL-based storage operator Simply Self Storage has purchased five self-storage facilities in the Nashville, TN, metro area. Simply bought the portfolio from local operator A+ Storage, which still has seven facilities in the area. The deal marks Simply’s entry into the Tennessee self-storage market. Simply is the industry’s ninth largest operator, with more than…

Over the past decade, Sean Delaney has scored plenty of sales recognition awards on the way to his current job as vice president of investments at real estate brokerage firm Marcus & Millichap. Delaney, a director in Marcus & Millichap’s National Self-Storage Group in Oak Brook, IL, has closed real estate transactions valued at more…

Strategic Storage Trust, a private REIT that operates the SmartStop Self Storage brand, has posted the first profitable quarter in its five-year history. “Our top-line growth in same-store revenues and NOI has continued to increase and contributed to our first quarter with positive net income,” said H. Michael Schwartz, chairman, president and CEO of Strategic…

Three of the four publicly traded self-storage REITs are embracing a special type of development deal that enables them to assume less risk in expanding their portfolios. In what’s called a “certificate of occupancy” deal, or “C/O” for short, a REIT agrees to buy a newly built facility from a developer. The developer assumes the financial burdens…